Woman Stands Up to Citigroup
Bloomberg Markets Magazine features the story of Sherry Hunt, a woman who blew the whistle on Citigroup for violating mortgage regulations in its home-loan division.
A rural Michigan native, Hunt started working at a small bank processing home loans as a teenager and eventually rose up the ranks, taking a job as VP of a mortgage unit with Citigroup in 2004. She began noticing a substantial number of defects in loans before the financial crisis, and the problem persisted both during and after it.
“All a dishonest person had to do was change the reports to make things look better than they were. I wouldn’t play along.” — Sherry Hunt
When an executive threatened her job, Hunt decided to take Citigroup to court. The U.S. Justice Department joined her suit soon after. Citigroup did not dispute the facts that Hunt put forward, and settled by paying $158 million to the U.S. government.
Sherry Hunt received $31 million as a part of the settlement.
“We need to change what’s wrong in our own backyards, and that’s how we end up changing the big things.” — Sherry Hunt
Read the complete article here
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